Funding arb · Price arb /

PENDLE

all PENDLE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0583%/8h= −63.8% APRpaid last 24h −0.106%

Price spread now: OKX against Backpack−0.293%7-day average −0.177% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$510.505% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.696%−$70 on $10k

Price spread, last 4 days (all we have)+0.252%+$25 · spread now −0.293%, 7d avg −0.177%

Together, before fees−0.444%−$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and OKX is 0.117% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.177%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PENDLE_USDC_PERP	2.5214	0.0683	pay 0.0085% / 1h	12m 00s	$331K	$489K	15x
Short	OKX PENDLE-USDT-SWAP	2.5140	0.0100	get 0.0050% / 4h	12m 00s	$3.2M	$6.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee OKXbpOrdersPrice spread, now −0.293%Rate

Funding earned: −$122.38
Price spread: −0.293% → −0.177%: −$11.68
Slippage, 4 orders: −$30.53
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$184.59
Costs to cover: 0.505%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; OKX: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 2 min ago	1.39 bp	7.2 bp −$7	33.0 bp −$330	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	3.98 bp	14.9 bp −$15	75.8 bp −$758	doesn't fit	doesn't fit

PENDLE on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PENDLE/USDC PERP	−0.5000%	1h	2.4940	−1.087%	$2K	$54K	5.5x	as long as short
Deribit PENDLE_USDC-PERPETUAL	−0.0346%	1h	2.5168	−0.182%	$30K	$10K	10x	as long as short
BloFin PENDLE-USDT	−0.0075%	8h	2.5147	−0.266%	$1.3M	$708K	75x	as long as short
Extended PENDLE-USD	−0.0064%	1h	2.5146	−0.269%	$166K	$528K	10x	as long as short
Binance PENDLEUSDT	−0.0064%	8h	2.5163	−0.202%	$27.2M	$42.1M	75x	as long as short
MEXC PENDLE_USDT	−0.0058%	8h	2.5158	−0.222%	$17.1M	$1.9M	125x	as long as short
ApeX Omni PENDLEUSDT	−0.0048%	1h	2.5215	+0.004%	$77K	$239K	50x	as long as short
Orderly PERP_PENDLE_USDC	−0.0008%	8h	2.5163	−0.202%	$20K	$16K	10x	as long as short
dYdX PENDLE-USD	0.0000%	1h	2.5173	−0.164%	$11K	—	5x	as long as short
Variational Omni PENDLE	+0.0025%	8h	2.5186	−0.110%	$595K	$1.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PENDLE_USDT_Perp	+0.0027%	8h	2.5210	−0.016%	$418K	$1.6M	10x	as long as short
Reya PENDLERUSDPERP	+0.0046%	1h	2.5159	−0.218%	$4K	—	15x	as long as short
Aevo PENDLE-PERP	+0.0064%	1h	2.5155	−0.234%	$26K	—	3x	as long as short
Lighter PENDLE	+0.0096%	1h	2.5162	−0.206%	$530K	$416K	5x	as long as short
Paradex PENDLE-USD-PERP	+0.0100%	8h	2.5148	−0.260%	$35K	$18K	10x	as long as short
Aster PENDLEUSDT	+0.0100%	8h	2.5183	−0.124%	$47K	$177K	10x	as long as short
Bybit PENDLEUSDT	+0.0100%	8h	2.5143	−0.282%	$15.5M	$11.9M	50x	as long as short
OKX PENDLE-USDT-SWAPshort	+0.0100%	4h	2.5140	−0.293%	$3.2M	$6.0M	50x
Gate PENDLE_USDT	+0.0100%	8h	2.5130	−0.333%	$777K	$1.2M	75x	as long as short
KuCoin PENDLEUSDTM	+0.0100%	8h	2.5175	−0.155%	$884K	$600K	50x	as long as short
Bitget PENDLEUSDT	+0.0100%	8h	2.5140	−0.293%	$3.7M	$2.5M	75x	as long as short
BingX PENDLE-USDT	+0.0100%	8h	2.5152	−0.246%	—	$35.7M	—	as long as short
edgeX PENDLEUSDC	+0.0100%	4h	2.5200	−0.057%	$25K	$384K	10x	as long as short
Polymarket Perps PENDLE-USD	+0.0100%	1h	2.5181	−0.131%	$16K	$20K	5x	as long as short
SunX PENDLE-USDT	+0.0100%	8h	2.5162	−0.206%	$1K	$1.8M	20x	as long as short
GMX PENDLE/USD [PENDLE-USDC]	L +0.0199% / S −0.0256%	1h	2.5175	−0.155%	$5K	—	100x	as long as short
Hyperliquid PENDLE	+0.0349%	1h	2.5205	−0.036%	$12.8M	$6.2M	5x	as long as short
Kraken Futures PF_PENDLEUSD	+0.0596%	1h	2.5200	−0.056%	$119K	$298K	20x	as long as short
Coinbase International PENDLE-PERP-INTX	+0.0600%	1h	2.5340	+0.500%	$141K	$450K	25x	as long as short
Backpack PENDLE_USDC_PERPlong	+0.0683%	1h	2.5214	long leg	$331K	$489K	15x